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According to the latest research report released by the international market agency Technavio, the battery market size of global energy storage systems (ESS) will grow by 1477.
40 MW
during 2019-2023.
The report believes that the growing economic benefits of energy storage systems will drive the growth
of the battery market in the coming years.
With the increasing number of solar photovoltaic installations, energy storage systems are becoming more and more popular
.
Not only that, but energy storage systems are also used in a variety of end-user industries, including utilities, commercial, industrial, and residential sectors
.
The increasing demand for electricity has led to power outages and heavy loads during peak hours, driving the demand
for energy storage systems.
In addition, the adoption of renewable energy in the energy mix has further driven the demand for battery energy storage systems to overcome the intermittent nature
of renewable energy.
The battery market for energy storage systems is expected to grow at a CAGR of more than 9%
during the forecast period.
As demand grows, battery technology for energy storage systems is further optimized to improve its energy density, safety, and efficiency
.
Currently, the global battery market for energy storage systems is highly fragmented, and companies are focused on deploying advanced technologies to meet changing end-user needs
.
BYD, Koqam, LG Chem, Samsung SDI, and NGK will become the world's leading battery suppliers
for energy storage systems during the forecast period.
Regionally, Asia Pacific will be the largest regional market for energy storage batteries throughout the forecast period, owing to the increasing demand for energy in the region due to rapid population growth and rising consumer living standards
.
From the perspective of battery main materials, lithium batteries will account for the highest market share
of energy storage system batteries.
According to the latest research report released by the international market agency Technavio, the battery market size of global energy storage systems (ESS) will grow by 1477.
40 MW
during 2019-2023.
The report believes that the growing economic benefits of energy storage systems will drive the growth
of the battery market in the coming years.
With the increasing number of solar photovoltaic installations, energy storage systems are becoming more and more popular
.
Not only that, but energy storage systems are also used in a variety of end-user industries, including utilities, commercial, industrial, and residential sectors
.
The increasing demand for electricity has led to power outages and heavy loads during peak hours, driving the demand
for energy storage systems.
In addition, the adoption of renewable energy in the energy mix has further driven the demand for battery energy storage systems to overcome the intermittent nature
of renewable energy.
The battery market for energy storage systems is expected to grow at a CAGR of more than 9%
during the forecast period.
As demand grows, battery technology for energy storage systems is further optimized to improve its energy density, safety, and efficiency
.
Currently, the global battery market for energy storage systems is highly fragmented, and companies are focused on deploying advanced technologies to meet changing end-user needs
.
BYD, Koqam, LG Chem, Samsung SDI, and NGK will become the world's leading battery suppliers
for energy storage systems during the forecast period.
Regionally, Asia Pacific will be the largest regional market for energy storage batteries throughout the forecast period, owing to the increasing demand for energy in the region due to rapid population growth and rising consumer living standards
.
From the perspective of battery main materials, lithium batteries will account for the highest market share
of energy storage system batteries.
